[Can white wine and pears be eaten together]_Diet conditioning_Diet taboos

[Can white wine and pears be eaten together]_Diet conditioning_Diet taboos

Although there are many types of liquor, the liquor intensity in the northern region is relatively high, because northerners need to use liquor for heating in the cold winter, and it will not work if the alcohol content is low.

People often pour a glass of white wine to drink during meals. If it is a party, they have to make some side dishes to match. Can white wine and pears be eaten together?

Let me tell you what you can’t eat with white wine.

1. Liquor can’t be eaten with anything. Liquor can’t be consumed with beer. Beer is rich in carbon dioxide, which is easy to volatilize. If you drink it with liquor, it will lead to alcohol penetration, which will be harmful to liver, kidney and metabolism.

For the same reason, liquor should not be drunk with carbohydrate drinks.

2. Liquor cannot be consumed with coffee. Coffee contains a large amount of caffeine. Liquor contains a large amount of ethanol. Both caffeine and ethanol have an exciting effect of exchange. Drinking both together will produce a strong excitement effect, which will aggravate the human body.Stimulation, irritability and nervousness will also be aggravated.

3. Liquor can’t be eaten with persimmon. Precipitated acid in persimmon can react with certain components of gastric juice to form persimmon stone. Liquor and persimmon are eaten together, which is not conducive to the digestion of persimmon and may produce persimmon stone.

4. Liquor cannot be eaten with carrots. Carrots are rich in carotene. Eating liquor and carrots together may produce hepatoxin, which is not good for liver health.

5. Liquor cannot be smoked with smoked products such as smoked meat. During the smoking process, a variety of carcinogens may be produced. Excessive drinking of liquor will lead to an increase in lead levels in the body, and the combination of carcinogens and blood lead may induce cancer.

6. Liquor cannot be eaten with seafood and purine is diluted with seafood. Eating seafood while drinking liquor may cause gout and urinary stones, and seafood is a cold food. Eating with liquor may cause diarrhea.

7. Liquor cannot be eaten with durian together with sulfur compounds in durian, which is not conducive to the rapid decomposition of alcohol to exclude the body. Liquor and durian can be eaten together, which may increase the degree of drunkenness.

Second, the benefits of drinking liquor Liquor has a role in health care: 1, blood circulation, Tongluo, warming the stomach, driving cold 2, people with insomnia drink a small amount of liquor before going to bed, which is good for sleep 3, can stimulate gastric secretion and salivaQin, axial stomach strengthening effect 4, ventilation, scattered cold, relaxing muscles, promoting blood circulation5, proper absorption can delay aging, prevent cardiovascular and cerebrovascular disease, prevent cancer6, make the circulatory system excitement 7, soften blood vessels,Promoting blood circulation, promoting blood circulation, and good cardiovascular health8. For the elderly, drinking a little is good for the body, promoting blood circulation, especially in winter, can prevent arteriosclerosis

[Can mushrooms and potatoes be eaten together]_Potato_ 同 吃

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[Chocolate Italian Cheese Filled Pancakes]_Homemade Chocolate Chopped Cheese Cheese Filled Pancakes_Chocolate Italian Cheese Filled Pancakes How To Make Chocolate Chipped Cheese Pancakes

[Chocolate Italian Cheese Filled Pancakes]_Homemade Chocolate Chopped Cheese Cheese Filled Pancakes_Chocolate Italian Cheese Filled Pancakes How To Make Chocolate Chipped Cheese Pancakes

The eleventh holiday has entered the countdown phase. You, who have been sealed for a long time, must have planned to go out and play.

When you go out and play, you must have tasted the local cuisine.

But if you are not convinced, it will be very uncomfortable.

Therefore, you’d better take it out at home.

Now, let me introduce you to the method of chocolate crepes.

1.

Sift flour, cocoa powder, sugar, and salt into a container for use 2.

Mix fresh milk and eggs 3.

Slowly mix the mixture of fresh milk and eggs into the flour and mix until smooth for 30 minutes. Stir in the butter and fry in a pan.

Add cheese frosting, chopped chocolate, vanilla sesame oil and mix well 5.

Beat 50 grams of whipped cream until wet foaming and mix into the cheese paste, mix well 6.

Select a non-stick pan, use a low heat, the thinner the better, pick up the pan and rotate continuously, so that the heat is evenly distributed7.

Use a fork to gently lift one end of the cake, it is very good, indicating that it is ready, just flip it on a plate and let it cool down8.

The cheese paste needs to be refrigerated for 1 hour and then spread on the cake. Just fold it in half and eat it now. The practice of this delicious chocolate Italian cheese stuffed pancake introduced today is not difficult. As long as you try it carefully, you can definitelyAchieve the effect you want and eat delicious food!

[Can pumpkin and brown sugar be eaten together]_Purple sugar_Can we eat together

[Can pumpkin and brown sugar be eaten together]_Purple sugar_Can we eat together

Although pumpkin is a kind of food, pumpkin has very good therapeutic effects. Eating pumpkin often has a good effect of nourishing lungs and nourishing qi, resolving sputum, purging sputum, and detoxifying and detoxifying.Porridge, pumpkin pie, pumpkin soup, etc. Pumpkin can also be combined with many ingredients to make delicious snacks.

When the baby can add complementary foods, many Baomao also prefer to eat some pumpkins for the baby.

Can pumpkin and brown sugar be eaten together? The effects of pumpkin can be eaten. Pumpkin has higher edible value, and has a negligible therapeutic effect.

According to “Southern Yunnan Materia Medica”: pumpkin is warm, sweet and non-toxic, enters the spleen and stomach, can nourish the lungs and nourish qi, relieve phlegm and purify sputum, detoxify and detoxify, treat cough and asthma, treat pulmonary constipation,Diuretic, cosmetic and other effects.

Medical experts and scholars at home and abroad have researched and shown that eating pumpkin seeds can also relieve the symptoms of prostate hypertrophy (pumpkin seeds can cure prostate hypertrophy), prevent prostate cancer, prevent arteriosclerosis and gastric mucosal ulcers, and calculus.

Pumpkin nutritional value Pumpkin is rich in nutrition, contains starch, protein, carotene, vitamin B, vitamin C and calcium, phosphorus and other ingredients.

Pumpkin is rich in carotene and vitamin C, which can strengthen the spleen, prevent gastritis, develop night blindness, protect the liver, make the skin tender, and neutralize the carcinogens.

Yellow fruits and vegetables also contain two vitamins A and D; vitamin A can protect the insulin mucosa and prevent gastritis, gastric ulcers and other diseases; vitamin D can promote the absorption of calcium and phosphorus, and receive strong bones and strong muscles.Gong has certain preventive effects on common diseases such as rickets in children, myopia in adolescents, and osteoporosis in the elderly.

In addition, pumpkin’s beneficial ingredients to the human body are: polysaccharides, amino acids, active protein carotenoids and various trace elements.

It also contains citrulline, arginine, asparagine, trigonelline, adenine, glucose, mannitol, pentanediol, pectin.

The use of various ingredients: 1. Polysaccharides: Pumpkin polysaccharide is a non-selective immune enhancer, which can improve the immune function of the body, promote the production of cytokines, and exert multiple regulating functions on the immune system by activating complement.

2. Carotenoids: The rich carotenoids in pumpkin can be converted into vitamin A with important physiological functions in the body, which has important physiological functions for the growth and differentiation of epithelial tissues, maintaining normal vision, and promoting bone development.

3. Mineral elements: Pumpkin is high in calcium, high in potassium, and low in sodium, which is especially suitable for middle-aged and elderly patients with hypertension, which is beneficial to prevent osteoporosis and hypertension.

In addition, it also contains phosphorus, magnesium, iron, copper, manganese, chromium, boron and other elements.

4. Amino acids and active proteins: Pumpkin contains a variety of amino acids required by the human body, including lysine, leucine, isoleucine, phenylalanine, and threonine.

In addition, the genotype of ascorbate oxidase in pumpkin is the same as that of tobacco, but the activity is significantly higher than that of tobacco, indicating that the content of immunoactive protein is higher in pumpkin.

5. Lipids: Studies have found that lipids in pumpkin seeds have good therapeutic and preventive effects on urinary system diseases and prostate hyperplasia.

[Do you drink pure milk and coffee together]_Coffee_Pure milk_ 同 吃

銆愮函鐗涘ザ鍜屽挅鍟′竴璧峰枬鍚椼€慱鍜栧暋_绾墰涔砡鍚屽悆
The Ning Brothers are indifferent. The altar is always full of people. The Ningge is captured by the people. The Ningge is captured. The old man is caught in the altar. The altar is going to go to the altar.櫧璐ㄥ拰钀ュ吇鍏冪礌锛屽彲浠ユ湁鏁堣ˉ鍏呬汉浣撹泲鐧借川锛岃€屽挅鍟″叾涓瘜鍚挅鍟″洜瀛愶紝鍙f劅鏈夎嫤鍛筹紝鍙互娣诲姞涓€浜涚函鐗涘ザ鏉ユ贩鍚堬紝鍦ㄥ懗瑙変笂鏈夋墍鏀瑰杽锛屼絾鏄韬綋娌℃撁 钀 ュ 劇 銆?鍜栧暋鐗涘ザ鍙互涓€璧峰枬 鑰屼笖涓€瀹氳涓€璧峰枬 绾殑鍜栧暋寰堣嫤 铏界劧鏈変汉鍠滄鍠?浣嗘槸瀵硅韩浣撴病浠€涔堝ソ澶勫師鍥犲緢绠€鍗?绾  挅 鍟 ¢ 嗷 闱 ㈡ 湜 頧 暋 锲?鑻ョ┖鑵瑰枬鐨勮瘽 浼氬埡婵€鑳?鍚屾椂鍜栧暋鍥犱細杩呴€熻浜轰綋鍚告敹 浼氬鑷寸缁忓叴濂?鏈夌殑浜哄鍜栧暋鍥犵殑鑰愬彈鑳藉姏姣斿己 涓や笁鏉笅鑲氭病浠€涔堟劅瑙?The chains are stunned and the key is stunned?涓€鏉氨浼氭劅瑙夊緢浜㈠ 鎰熻涓嶈垝鏈?鎵€浠ュ挅鍟′竴瀹氫笉鑳藉湪鑳冨畬鍏ㄦ帓绌虹殑鎯呭喌涓嬮ギ鐢?濡傛灉涓€瀹氳鍠濋偅灏辫寰€閲岄潰鍔犵墰濂?鏄函鐗涘ザ 鐗涘ザ鍜屽挅鍟℃幒鍦ㄤ竴璧烽暱鏈熼ギ鐢紝浼氬鑲濋€犳垚鎹熷锛屽洜涓鸿繖绉嶆贩鍚堜細浜х敓涓€绉嶄笉澶ǔ瀹氫笖闅句簬娑堝寲鐨勪钩鐘舵恫銆傞€傞噺楗敤鍜栧暋(姣忓ぉ涓嶈秴杩囦袱鏉?瀵瑰績鑴忓拰澶ц剳鏈夊ソ澶勩€傚瘜鍚挋鐨勭墰濂跺垯鏄护楠ㄩ鍧氬浐鐨勪笂浣抽ギ鍝併€傚垎寮€楗敤鎵嶈兘杈惧埌鏈€澶х泭澶勩€傚挅鍟$殑鍧忓 1.It ‘s not easy to find out what ‘s going on, what ‘s going on, what is going on, what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on?存帴瀵瑰績鑴忎骇鐢熶綔鐢ㄣ€傞珮鍓傞噺鐨勫挅鍟″洜鑳戒娇涓嶈€愬彈鍜栧暋鍥犵殑浜烘瘡鍒嗛挓澧炲姞 10~20% of the achievements and achievements in the development of the world’s best.姣忓ぉ鏈€澶?500 Jiao  toilet) fermium Dan gi Yu Guang Ren Juan new Chán у Cornus Starling Xiao Lu adze bare hill Cheng chan Ci drama Cornus Starling Xiao Lu adze bare hill Cheng chan Ci stretched Mayu autoclave Ji unsteady Xin Right- Shimei nn  flange Zhuo偅蹇冭倢姊楁鐨勯闄┿€?2.鑲捐剰鏃╀笂鍠濆挅鍟″悗鐖变笂鍘曟墍锛屾槸璁稿浜虹粡甯搁亣鍒扮殑浜嬨€傝繖鏄洜涓哄挅鍟″洜浼氬奖鍝嶈偩鑴忕殑鑵鸿嫹鍙椾綋锛岃捣鍒扮被浼煎埄灏垮墏鐨勪綔鐢ㄣ€傚挅鍟″洜涔熷彲鑳藉噺缂撳ぇ鑴戦噴鏀句竴绉嶅噺灏戝翱娑茬敓鎴愮殑鎶楀埄灏挎縺绱犮€?。The patents are very powerful, and they are very effective. They are very effective. They are very effective. They are very effective. They are very simple and effective.What’s wrong with you?  撤 钖  湜 頜 栧 撋 锲 箵 楗 Fan: What’s the trouble?.鍛煎惛绯荤粺鍜栧暋鍥犲強绫讳技鑽墿瀵逛簬鍛煎惛鏈変袱绉嶅奖鍝嶏紝涓€鏄鍔犲懠鍚搁€熺巼銆傛澶栵紝鍜栧暋鍥犲彲浣挎皵绠″懆鍥寸殑骞虫粦鑲屾斁鏉撅紝鍥犺€屼娇姘旂鎵╁紶锛屽鍔犲懠鍚搁噺銆備絾鍜栧暋鍥犱笉鍙互浣滀负鑽墿鐢ㄤ簬涓村簥鏉ユ不鐤楀摦鍠樸€?

Shuijingfang (600779): Consistently high income growth equity incentive highlights long-term confidence

Shuijingfang (600779): Consistently high income growth equity incentive highlights long-term confidence

Event income continued to grow at a high rate, and equity incentives demonstrated long-term confidence.

85 million yuan, an increase of 26 in ten years.

47%; net profit attributable to shareholders of listed companies was 339.

59 million yuan, an increase of 26 in ten years.

97%.

A brief review of the company’s sustained high-growth revenue in 2019 H1 achieved operating income of 1689.

85 million yuan, an increase of 26 in ten years.

47% in the second quarter realized revenue of 760.

06 million yuan, previously +29.

3%.

The increase in Q2 revenue growth was mainly due to the sustained high growth of premium wines.

At the same time, low-grade wine increased income by 43.59 million, an increase of 77 per year.

75% directly contribute to revenue growth.

Looking at H1, the company’s premium wines achieved revenue of 1605.

61 million yuan, previously +25.

69%, mainly in March of this year, the company released three new products of Jingtai Silk Road Edition, Jingtai Collection and Zhenjiu No.8 Jubilee Edition, carefully crafted scenes based on the original single product, focusing on 300-700 high-endPrice is driving force; mid-range wines achieve revenue of 4034.

570,000 yuan, +21 a year.

13%, low-end wine realized income of 4,359.

950,000 yuan, an increase of 77 in ten years.

75%.

From the perspective of volume and price, the sales volume of excluded loose wine reached 4,163 tons, about + 22%, and the unit price of tons reached 39.

50,000 yuan, +2 a year.

8%, including loose wine, and overall sales increased 56 during the same period.

39%.

From the perspective of the channel, the company’s new H1 channel and group purchase channel achieved revenue of 167.

2 million yuan, up from +29.

At 06%, major companies reported that they expanded their channel construction and expenses, driving revenue growth; wholesale agents achieved revenue of 1478.

74 million yuan, previously +25.

19%, continue to contribute to income.

Look at the specific area, outside the province (+27.

78%) grew faster than the province (+20.

01%).

Advances received at the end of the second quarter 59.

49 million yuan, compared with 40 at the end of Q1.

There is a resistance increase of 56 million yuan.

The company’s profitability continued to increase, and the increase in Q2 expenses affected the company’s gross profit margin of H1 for the quarter.

21%, an annual increase of 1.

07pct, gross margin of 81 in the second quarter.76%, an annual increase of 0.

18pct, mainly due to the report’s continuous improvement of product structure and optimization of the price system in the short term.

Specifically, the gross margin of high-end wine reached 83.

46%, ten years +1.

11 points, the gross margin of mid-range wine 56.

33%, ten years +1.

24pct, low-end wine gross margin of 60.

38%, ten years +6.

23pct.

Company H1 achieved net profit attributable to mother 121.

03 million yuan, previously +7.

47%, net interest rate 20.

10%, ten years +0.

08pct; Q2 achieved net profit attributable to mother 121.

03 million yuan, previously +7.

47%, net interest rate 15.

92% -3 per year.

23pct.
The slight increase in H1 net profit margin was mainly driven by the increase in gross profit margin. The reported growth rate (especially Q2) the company expanded brand and new product promotion, increased effective TV and outdoor advertising, festival promotions and core stores, tastings, etc., H1 salesThe cost reaches 540.

7 million yuan, previously + 29%, sales expense ratio of 32%, ten years +0.

63pct, of which advertising promotion expenses 460.

21 million yuan, new product promotion, increase effective TV and outdoor advertising, festival promotions and core stores, tastings and other expenses, H1 sales expenses reached 540.

7 million yuan, previously + 29%, sales expense ratio of 32%, ten years +0.

63pct, of which advertising promotion expenses 460.

21 million yuan, up from +36.

17%.

Looking at Q2 alone, the selling expenses are 263.

55 million yuan, up from +47.

4%, sales expense ratio 34.

67%, ten years +4.

25 points.

Reported quantity The company’s personnel costs have been reduced and H1 management costs have been 127.

44 million, at least -1.

25%, management expense rate 7.

54%, twice -2.

12pct; the increase in the average balance of bank deposits during the period led to an increase in interest income and financial expenses of -11.

19 million yuan, an increase of about 3.93 million in the future.

In addition, the tax and surcharges in the second quarter of 2019 increased by an additional 50 million, mainly due to the normal adjustment of the consumption tax base by the government each year, which directly affected the profit performance in the second quarter.

Equity incentives demonstrate confidence The company announced the equity 淡水桑拿网 incentive budget announced in early July 2019. It is proposed that 15 directors, senior management and core technical staff (12 in total, with a total share of 56).

59%) and other extended stock incentives, since the date of announcement, the total number of shares of the company repurchased from the secondary market 25.62.47 million shares, accounting for 0 of the total share capital.

05%, plans to grant a price of 25.

56 yuan / share.

The incentive was unlocked in two times, and the unlocking conditions were: 2019, 2020, revenue reduction instead of lower than the benchmark enterprises (Moutai, Wuliangye, Yanghe, Laojiao, Fenjiu, Shunxin, Gujing, Kouzijiao, Jinshiyuan,Lao Baiqian) averaged 110% (unlocked 50%), and the revenue growth in 2019, 2020, and 2021 will gradually be 110% (unlocked 50%) of the average of the 上海夜网论坛 benchmark enterprises.

The shortening of the equity incentive cycle has expressed the company’s confidence in medium and long-term growth to a certain extent. The participation of core technical personnel also illustrates the company’s understanding of talents and the strategic significance and layout of long-term development.

Profit forecast: The penetration rate of the company’s 5 + 5 + 5 core provinces will gradually increase, and the nationwide deep distribution network layout will gradually improve. It is expected that the company will realize revenue 34 from 2019 to 2021.

39, 41.

27, 49.

5.2 billion, net profit attributable to mother 7.

56,9.

44,11.

96 ppm, corresponding EPS is 1.

55, 1.

93, 2.

45 yuan / share.

Risk reminders: The country’s development is less than expected, competition in the high-end market is intensified, and food safety risks.

Xinfengming (603225) Interim Review: Results of the first half of the year fell back in the first half of the year

Xinfengming (603225) Interim Review: Results of the first half of the year fell back in the first half of the year

Event: The company released its semi-annual report for 2019, reporting that a series of companies realized operating income of 163.

3 percent, an increase of 13.

34%, achieving net profit attributable to shareholders of listed companies.

8.8 billion, down 27 each year.

56%, realizing net profit after deductions attributable to shareholders of listed companies5.

1.4 billion, down 34 every year.

11%, achieving EPS 0.

49 yuan; of which Q2 realized operating income of 86.

7 ppm, flat every year, achieving net profit3.

2.1 billion, down 41 a year.

5%.

Comments: 1. The decline in polyester filament boom and decline in H1 performance The company’s polyester filament production and sales performed well in the first half of the year. The newly-launched Zhongshi Phase II and Zhongxin Phase II projects started to contribute incremental growth in the first half of the year.For 182.

56 Gazette and 185.

In 1984, the annual growth rate was 29.

9% and 34.

3%.

However, due to the industry’s economic situation and fluctuations in raw material prices, the level of filament profitability has shifted significantly.

According to the price difference data we monitor, the average price differences of 19Q2 filament POY, FDY, DTY, and bottle flakes were 1151 yuan / ton, 1509 yuan / ton, 2484 yuan / ton, and 679 yuan / ton, respectively, which increased by 8 compared with Q1.
.

6%, -13.

5%, -5.

8% and -24%.

In terms of price trends, the price of filament in the first four months of this year was basically stable. Since May, the center of gravity of the upstream raw materials has rapidly decreased, and it has started to rise significantly in mid-June, but the monthly average price has still dropped significantly.

In terms of raw materials, the overall performance of PTA was relatively high in the first half of the year, and it clearly fell behind in May. With the rebound in crude oil prices and the concentration of maintenance in June, the increase exceeded the simultaneous increase of filament.

As the company’s raw material PTA mainly relies on external procurement, its profitability is partly eroded by PTA.

In the first half of the year, the company’s gross profit margins for POY / FDY / DTY products were 7 respectively.

4%, 11.

5% and 10.

9%, the level of the first half of 18 a year is obviously above the local level.

However, the company is vigorously promoting the construction of Dushan Energy’s 500-ton PTA project. By then, the company’s ability to resist fluctuations in raw material prices will be significantly enhanced.

2. The fundraising and investment project is progressing smoothly, the PTA project is about to be put into production, and the performance has ushered in new growth. Until the first half of the year, the company’s polyester filament production capacity has reached 370 tons.

In July, the first phase of Zhongyue Chemical Fiber was started at 深圳桑拿网 30 o’clock, and the second phase project is also expected to be put into production within the scheduled year; the progress of 26 DTY of China Stone Technology is slightly delayed, and it is expected that the texturing equipment will be fully in place by the end of the year;It will be put into production in the first quarter of 2020. By the end of 2020, the company’s filament production capacity is expected to exceed more than 500 mark.

In terms of raw materials, the company’s first phase of the 500-ton PTA project at Dushan Energy has entered the trial run stage, and is currently progressing smoothly. It is expected to start production at the end of September, and the second-phase project is also under active construction. According to the data disclosed by the interim report, the progress of the remaining 6 months has been completed. 12It is expected to be officially put into production in the third quarter of next year.

The company’s non-public issuance of shares has been reviewed and approved by the CSRC, and the company will replace the initial investment funds after the issuance is completed.

3. The pattern of the polyester filament industry is centralized, and the leading trend is obvious. The company is one of the leading domestic polyester filament companies. The product differentiation rate is high, and the production and sales remain strong.

Most of the company’s melt-spun polyester production lines have been put into operation in 10 years. The equipment has obvious advantages in late development. Production efficiency, operational stability and material consumption have always been at an advantage. At the same time, it has also been translated into product cost advantages.

In the first half of this year, domestic polyester filament production was relatively small, and the second half of this year will enter a period of concentrated production.

However, from the perspective of new production projects, it is mainly the participation of industry leaders that will continue to increase the concentration of the industry.
Constrained by the supply side of spinning equipment, the industry’s annual increase in production capacity of the package, there will basically be no short-term disorderly replenishment of production capacity, compared to the raw material side, the next 1-2 years, the competition pattern of filament is relatively better.
Investment suggestion: Assuming that the investment projects are put into production on schedule, we expect the company to achieve net profit attributable to shareholders of listed companies of 13 to 19-19.

5 billion, 20.

600 million and 22.

5 ppm, EPS (additional dilution is not considered for the time being) 1.

14 yuan, 1.

73 yuan and 1.

89 yuan, the current price corresponds to 19 times PE only 10 times, continue to strongly recommend.

Risk warning: The progress of projects under construction is less than expected, and international oil prices have changed significantly.

China Galaxy (601881) Semi-annual Report 2019 Review: Brokerage, Proprietary Business Makes Major Contribution to Net Profit

China Galaxy (601881) Semi-annual Report 2019 Review: 杭州夜网 Brokerage, Proprietary Business Makes Major Contribution to Net Profit

Brokerage and self-employed business income mainly contributed positively to net profit.

In the first half of 2019, the company’s operating income was 73.

68ppm, +71 per year.

09%; net profit attributable to shareholders of the parent company 25.

9.5 billion, +97.

93%; net profit deducted from non-mother 25.

8.9 billion yuan, +98 per year.

57%.

As of the end of the first half of 2019, the company’s total assets were 3106.

4.6 billion yuan, +23 from the end of 2018.

58%; equity attributable to shareholders is 681.

3.7 billion, +3 from the end of 2018.

27%.

At the end of the reporting period, the company’s leverage ratio was 3.

34 times, an increase of 0 from the end of 2018.

39 times.

The company’s first half performance growth was mainly contributed by brokerage, credit, and self-operated businesses.

During the reporting period, the company’s brokerage, investment bank, asset management, self-employment, and other business income accounted for 33% of revenue.

13%, 3.

46%, 4.

42%, 22.

12%, 28.

72%, 7.

44%, of which the net income of credit business and the proportion of net income of self-operated business shifted in proportion, respectively, in December 2018.

58 points, +19.

19 points.

Net income from the securities trading business increased significantly.

In the first half of 2019, the company realized a net income from brokerage business fees24.

4.1 billion, +23 a year.

78%, mainly due to the increase in the net income from the securities trading business.

Brokerage business includes agency securities business, leasing of seats in trading units, and sales of financial products.

During the reporting period, the company’s net income from securities business was 21.

5 billion yuan, +35 per year.

02%.

The self-operated business turned losses into profits.

In the first half of 2019, the company’s self-operated business realized net income (net investment income-investment income on joint ventures + gains and losses from changes in fair value) 21.

1.6 billion yuan in the same period in 2018, net income from self-operated business was -2.

2.9 billion US dollars, self-operated business realized losses, mainly due to the company’s scale control, effectively controlling the risk of stock investment business, increasing the size of fixed income quantitative investment business scale, interest rate derivative transactions and positions.During the reporting period, the company realized investment income from financial instruments10.

470,000 yuan, a loss from the same period last year (the first half of 2018, the company realized a financial instrument investment income of -0.

02ppm), the fair value gain or loss is 10.

6.9 billion yuan, +81 in ten years.

63%.

Net income from investment banking, credit and asset management business declined.

In the first half of 2019, the company achieved net income from investment banking fees2.

5.5 billion a year -23.

47%, mainly due to the decline in securities underwriting and financial consulting business income; the company achieved net income from asset management business 武汉夜生活网 fees3.

2.6 billion a year -14.

78%, mainly due to the decline in the size of targeted and specialized asset management; net interest income16.

3 billion a year -7.

10%, mainly due to the year-on-year decline in interest income from margin financing and securities lending, and the increase in overall expenditure.

Investment proposal: As of August 28, 2019, the company’s PB is about 1.

57 times, at a historical low.

It is predicted that in 2019 and 2020, the EPS will be 0.

46 yuan, 0.

48 yuan, the closing price corresponding to PE on August 28, 2019 were 22.

93 times, 21.

98 times, giving the company a cautious recommendation level.

risk warning.

The economy exceeded expectations, the stock market fell sharply, and the Sino-US trade friction worsened.

Blue Flame Holdings (000968) Quick Review of Important Events: Received 2 New Blockchain Trial Production Approval Gases Entering the Rising Channel

Blue Flame Holdings (000968) Quick Review of Important Events: Received 2 New Blockchain Trial Production Approval Gases Entering the Rising Channel
Matters: The company issued an announcement announcing that in October 2017, Liulin Shixi, which won the bid for the exploration right, and the Wuxiang South block received the test mining 杭州桑拿 approval issued by the Shanxi Natural Resources Department.The trial mining period runs from April 16, 2019 to April 15, 2020. Guoxin public opinion: Trial mining approval is an important way to advance the new blockchain from the prospecting phase to the mining phase. The company won the bid for 4 new blockchains in 2017 and 2 of them obtained trial mining approvals.Gas income and performance improvement.We look forward to the continued advancement of the company’s new blockchain and the subsequent resource docking brought by the reorganization of Shanxi Gas Group, maintaining the profit forecast for 2019-2021 to 7.97/10.69/13.670,000 yuan, corresponding to a dynamic PE of 15.6x / 11.6x / 9.1x, maintain “Buy” rating and maintain a reasonable estimate of 16.48-16.58 yuan. Comment: Blockchain progress review: 2017 won the 四川耍耍网 bid for the new blockchain, quickly transferred to the trial production phase in 18 months. The company participated in the first coal seam gas exploration right in China organized by Shanxi Province in October 2017, and won the bid. 10 blocks4 bids were won, including the Liulin Shixi, Wuxiang South, and Heshun Hengling and Heshun West. The prospecting rights are for 3 years.In one and a half years, three of the above four blocks have already ignited gas, and Liulin Shixi / Wuxiang South / Heshunhengling completed 34/13/3 wells and fractured 18/10/1 wells. Trial mining approval is significant, opening the block gas volume and increasing performance. The “Regulations on the Management of Mineral Resource Exploration Block Registration” stipulates that prospecting rights holders need to conduct trial mining during the exploration of petroleum, natural gas and other fluid minerals.Trial mining for 1 year.The trial mining phase is an important time to connect the prospecting and mining phases, which can accelerate the progress of exploration and development, and the produced coalbed methane can be sold externally.We believe that the Liulin Shixi and Wuxiangnan blockchains that have been approved for trial mining this time are expected to contribute incremental sales volume to listed companies in 2019 and contribute to gas sales revenue and performance.The company’s annual report is expected to complete 30 trillion fixed assets investment in 2019, according to the end of the first quarter of 2019 fixed assets 33.00 ppm, construction in progress 7.5.3 billion US dollars, the investment planning volume accounts for a considerable proportion, we research and judge will be mainly used for the above-mentioned new blockchain exploration and mining. The benchmarking phase of the Mabi Blockchain is expected to have a positive impact. We observed the Asia-American Energy Mabi Block, also in Shanxi., But as early as July 2017, it has reached a sales agreement with CNPC during the exploration period (pilot period).Affected by this, Ma Bi’s 2018 net sales growth rate was 68% to 71.47 million cubic meters, and revenue growth rate was 335%. EBITDA turned losses from -26.89 million yuan in 2017 to 40.13 million yuan. In 2018, the company mainly contributed gas volume and sold gas volume -1 from the old blockchain.86% to 6.8.7 billion cubic meters, but the average tax price +0 is excluded.12 yuan / square to 1.72 yuan / square, the average gas production operating cost -0.04 yuan / square to 0.46 yuan / square.With the overall upward gas price in the market in 2019, if the company’s new blockchain enters the trial production phase and contributes gas volume, it is expected to boost the performance of Shanxi Gas Group to promote transformation and try to connect more resources for listed companies. Shanxi is promoting the reform of state-owned enterprises and the newly established Shanxi GasThe group proposes to become the company’s controlling shareholder to build an integrated and optimized whole, middle and downstream industry chain.As their respective sole listing platforms, the company is expected to rapidly develop the main coalbed methane mining industry through the resources of the gas group, accelerate the interconnection of the pipeline network, and promote the improvement of the coalbed methane industry chain. Investment suggestion: Redefining the “Buy” rating, maintaining profit forecast and reasonable estimation of trial mining approval is an important change in the new blockchain from the exploration phase to the mining phase. In 2017, the company won 4 bids for the new blockchain.It is expected that the trial production will be accurate, which is expected to benefit the company’s sales volume and gas sales revenue this year, and its performance will increase.We look forward to the continued advancement of the company’s new blockchain and the subsequent resource docking brought by the reorganization of Shanxi Gas Group, maintaining the profit forecast for 2019-2021 to 7.97/10.69/13.670,000 yuan, corresponding to a dynamic PE of 15.6x / 11.6x / 9.1x, maintain “Buy” rating and maintain a reasonable estimate of 16.48-16.58 yuan.

Shaanxi Coal Industry Co., Ltd. (601225): Shaanxi Thermal Coal Leader Expands Volume and Price to Increase Space

Shaanxi Coal Industry Co., Ltd. (601225): Shaanxi Thermal Coal Leader Expands Volume and Price to Increase Space
The company has abundant coal resources, but the external transportation capacity of the railway is insufficient. Shaanxi Coal Industry is based on its coal province, Shaanxi. It mainly sells and transports military coal, and has a complete coal production, sales and transportation system. As of the end of 2018, the company’s coal resource reservesIt reached 16.1 billion tons and the recoverable reserves reached 9.8 billion tons.The company 重庆耍耍网 currently has three major mining areas in northern Shaanxi, Binhuang, and Weibei. At the end of 2018, the three major mining areas had a total of 1.1.4 billion tons, a total of long-term production1.0.8 billion tons.In addition, the company also invested in 4 pairs of large coal mines, with a total of 2,500 tons of approved capacity, corresponding to the equity capacity of 991. Benefiting from the vigorous implementation of the supply-side reform of the coal industry, the company’s average coal output has increased significantly since 2016, and was 233 in 16-18.2 yuan / ton, 369.5 yuan / ton, 373.0 yuan / ton, and the company’s profitability has also improved significantly.However, due to limited railway export channels for coal in northern Shaanxi, most of the company’s coal is exported by road. In 2018, only 41% of coal was exported through railways, resulting in a small overall coal sales and still a low overall. The Menghua Railway is about to open. The company’s coal scale has been increased to the current amount of coal shipped from Shaanxi to Central China. It is still mainly based on road transportation and “Hainjiang River” transportation methods, which reduces transportation time and is expensive.In October of this year, the first “North-South Coal Transport” corridor in China in the spring was to be completed. The Mongolia-Huawei Railway starts from the north of Inner Mongolia’s Houle Baoji Station and passes through Shaanxi Yulin to reach Central China. The planned railway transportation capacity is 200 million tons per year.After completion, it will greatly solve the coal transportation substitution in Inner Mongolia and Shaanxi. According to our calculations, the freight of Shaanxi coal to the Central China region via the Menghua Railway is 90-130 yuan / ton cheaper than the previous transportation methods. If 50% of the space is enjoyed by upstream coal companies, Shaanxi is sold to Central ChinaThe regional average coal price will increase by 45-65 yuan / ton.In addition, considering that the company’s current coal sales method is still dominated by road transportation, railway transportation accounts for only about 40%. Therefore, after the opening of the Menghua Railway, most of the road transportation coal can be transported through the Menghua Railway. The company’s central China regionThe proportion of sales will increase. There is room for increase in production capacity. For the first time, the company will be given an increase in holdings. Among the company’s main supplementary coal mines, Xiaobaodang No.1 and No.2 approval changes have been approved by the National Development and Reform Commission in early 2019, including Xiaobaodang No.1.It has been completed and entered into joint trial operation. The output is expected to reach 800 microns this year. The Xiaobaodang No. 2 mine is expected to be put into operation in the second half of this year. The output is expected to be around 300-400 next year. In addition, the company’s shareholding Yuan Datan coal mine was also put into operation last year.Starting this year, Yuan Datan Coal Mine will gradually increase its volume.Comprehensively considering the impact of supplementary coal mine production and the opening of the Menghua Railway, we expect the company to achieve operating income of 599 in 2019-2021.900 million, 628.700 million and 649.300 million, net profit attributable to mothers was 115.500 million, 121.3 ppm and 124.10,000 yuan, the corresponding EPS is 1.15 yuan, 1.21 yuan, 1.24 yuan, the first coverage to give the company an overweight rating. Risk reminder: the progress of the Menghua Railway commissioning; domestic coal prices have fallen sharply; capacity growth has fallen short of expectations.